India Inc has its way, IFRS put off
By Ali Ahmad
The Indian government today postponed the convergence of Indian accounting standards with the international standards, thanks to the relentless lobbying by corporates, and unresolved taxation issues. Although many observers already predicted this delay.
According to Indian Express, the Indian government wanted to converge with the International Financial Reporting Standards (IFRS) from April 1, 2011 in a phased manner. However, corporates had been lobbying hard to defer the implementation, arguing that they were not prepared for such a convergence right now.
The newspapers further mention that the industry body Ficci had written a letter to the ministry of corporate affairs (MCA) advocating that IFRS implementation should be postponed as the industry needed more time to prepare.
Also, it argued, that even countries like the US and Japan had not adopted the international standards as they were still studying the ramifications of the move.
What are your views? Could this blow the efforts to implement a single set of standards?